Breaking News about accountancy in Spain!accountancy in Spain

From Welex, accountants in Spain, we are proud to welcome a new member into our accountancy in Spain team.

Welcome Beatriz!

Discover all the information at this publication.

Do not hesitate contact us if you have any doubt related to any accountancy in Spain issue.

Nowadays, disposing a Digital Certificate in Spain is an important matter.

In Welex, we want to provide you the best legal advice in Costa del Sol, so we are aware about the doubts obtaining a Digital Certificate can entail.

For this reason, we have created a fast and easy way to dispel those questions.

Digital Certificate in Spain

For more information about that issue, visit our publication.

In addition, in our law firm in Marbella we will be pleased solving that or any other issues about the spanish law.

Do not hesitate contact our legal advisers if in doubt.

Do you have doubts about the actual changes in the urban lease law in Spain?

In Welex, your spanish law firm, we have prepared an easy vision about the actual situation of this juridical issue.

 

change urban law spain

 

For a more detailed information about that issue, we invite you reading our publication.

Our lawyers in Marbella can solve any accountancy in Spain related matter.

In addition, in Welex we work without rest to provide you the best legal advice in Costa del Sol, so don’t hesitate in contact us about any legal spanish issue.

Are you interested about knowing how the taxation of Christmas lottery prizes works in Spain? Welex, your tax advisor in Marbella is pleased to write a few lines on this subject.

The well-known «Lotería de Navidad” (Christmas lottery), one of the most popular lotteries held in Spain, is actually called «El sorteo extraordinario de Navidad” (The Special Christmas Draw).

 

Read more……..

Obligation to issue invoices in Spain

 

By Welex, your multilingual accountant in Spain.

 

During our vast experience at our accountancy department we have had many queries from our clients about what obligations they have when issuing an invoice in Spain.  We would therefore like to clarify some of these queries from Welex.

 

When do you need to issue an invoice in Spain?

 

In the event that you  carry out an economic activity in Spain, all people in business and professions are obliged to issue an invoice in Spain and keep a copy of this on their file for every delivery of good and services which they carry out.

 

They are also required to issue an invoice in Spain for any deposit received in advanced for goods or services that will be delivered at a later date, with the exception of intra-community exempt goods or services.

 

In which cases you need to issue an invoice in Spain?

 

All business and professional are obliged to issue an invoice in Spain in  the following cases:

 

  • When the recipient of the invoice in Spain issued is a business or a professional receiving the goods or services and acting as such.

 

  • When the recipient requests the invoice in Spain because of a tax right he may have.

 

  • For export of goods exempt of VAT, except in the case of duty free shops.

 

  • Intra-Community delivery of goods exempt of VAT.

 

  • When a public administration or a legal person, not acting as a business or professional, receives the goods or services.

 

  • Delivery of good intended to be installed or assembled before being handed to the customer, when the final procedure takes place in the Spanish taxable area.

 

  • Distance sales and delivery of goods when these are subject to special taxes, when takes place in Spanish taxable zone.

 

When a taxpayer, an entrepreneur or professional not established in the community, makes an investment, the accounting prove of the operation should be kept by the recipient.  If a taxable person established in the community carries out the operation the recipient must possess the original invoice issued by the supplier that must contain the requirements set out in Article 226 of the Directive 2006/112 / EC , of November 28, 2006 (VAT Directive).

 

accountant in Spain

 

 

 

Main formal requirements of an invoice in Spain

 

The requirements of a Spanish invoice are set out in Article 226 mentioned above are:

 

1) The date of issue of the invoice.

 

2) A sequential number, based on one or several series that uniquely identifies the invoice.

 

3) The VAT identification number (cif, dni, nie), with which the taxpayer has made the delivery of goods or the provision of services.

 

4) The identification number of the acquirer or the recipient for the purposes of VAT, with which a delivery of goods or a provision of services for which the debtor of the tax has been received.

 

5) The full name and fiscal address of the taxpayer and the acquirer or consignee.

 

6) The quantity and type of the goods supplied or the scope and nature of the services provided.

 

In accordance with Article 2.4 of the Regulation regulating billing obligations, any document that supports the accounting entry of the operation will be considered as accounting proof when the person who performs it is an entrepreneur or professional not established in the Community.

 

Do not hesitate to contact good  accountancy firm in Spain being the best accountants inMarbella to be sure to meet all accountancy and tax requirements in Spain.

 

Related articles:

 

Key concepts to know how correctly issue your invoices in Spain

During our decades of years of experience, we have seen almost about everything regarding issuance of invoices in Spain. In this blog, we wish to emphasize the contents you need to take into account for a Spanish invoice to comply with the legal requirements. We will provide you with the general information, which kind of…

Retentions and with-holding tax on Spanish invoices: what are they for and how do they apply to companies and self-employed professionals?

In many occasions, starting to issue invoices in Spain might cause some headaches to companies, businessmen and self-employed professionals. What are these retentions? The so known “Retenciones” (with-holding tax in Spain). How much must be deposited and where? Are these retentions progressive? These and many other doubts are the ones we are facing with daily….

 

Read here more about the how to become the one of the best and most efficient accountants in Spain and without breakding the law.

 

 

Have you ever received or been asked for a Spanish bill with Reverse charge (Inversión de Sujeto Pasivo, ISP) and not known what to do with it?

 

Have you received or have you ever been asked for a bill with Reverse charge (ISP) and you have not known what to do with it?

 

At Welex, your law and economics firm under one roof in Marbella, we would like to make you aware of this exception to the general VAT rule known as Reverse charge.

As a general rule, the taxable person is the natural or legal person in charge of passing on the VAT, working as a professional and/or businessman, to his clients through the issue of invoices. This taxpayer is also obliged to collect the VAT generated for subsequent presentation to the Tax Agency (AEAT).

In other words, as a businessman, we have the obligation to transmit the value added tax to our clients and declare it in the quarterly VAT forms.

Example VAT in Spain Reverse charge

To explain the common cycle of VAT in Spain, we will give the following example:

We have a business that is dedicated to the retail trade of shoes. Our business consists of buying shoes wholesale from company «X» at an affordable price and then trading them to a third party with a 30% profit margin.

Well, in the following example the supplier X is the taxable person as soon as he issues us the invoice with the corresponding VAT while we will be the taxpayer (final consumer who bears the VAT). Later, when we sell the shoes to our customer we will issue another invoice with its VAT to our customer and thus we become the taxable person and our customer the taxpayer.

However, there are several exceptions to the general rule. In this blog we are going to talk precisely about art. 84. One 2nd article of the VAT law (Law 37/1992) commonly known as the Reverse charge.

Reverse charge is a change in the general rule of VAT that makes the recipient of the invoice responsible for declaring the tax to the Treasury.

This implies that if we are under the exception of the article we will not be the ones in charge of charging the VAT but it will be the taxpayer’s obligation.

In this case, the taxpayer will have to reflect in the quarterly taxes the tax on that invoice for the information of the tax office.

 

What are the assumptions that condition the Reverse charge in Spain?

The Art. 84. One 2º of the VAT law (Law 37/1992) establishes the following assumptions:

a)      When they are made by persons or entities not established in the territory of application of the tax.

b)      When involves supply of unprocessed gold or semi-manufactured gold products, of a fineness of 325 thousandths or more.

c)       When involves supplies of new industrial waste, foundry waste and scrap, residues and other recyclable materials (supplies of waste or scrap of paper, paperboard or glass).

d)      In the case of the supply of services relating to emission allowances, certified emission reductions and greenhouse gas emission reduction units.

e)      In the case of the following supplies of immovable property following insolvency proceedings, the exempt supplies referred to in Article 20. One paragraphs 20 and 22, where the taxable person has renounced the exemption and supplies made in execution of the security lodged in respect of the immovable property.

f)       When the execution of works is involved, with or without the provision of materials, as well as the assignment of personnel to carry them out.

g)      In the case of the supply of the following products:

·         Silver, platinum and palladium, unwrought, powdered or semi-wrought.

·         Mobile phones.

·          Video game consoles, portable computers and digital tablets.

 

For any tax or legal question, do not hesitate to contact one

 

Welex, your office of economists and Tax Advisors in Marbella is pleased to write a few lines about what is understood as a property company in Spain and those that are considered to carry out an economic activity.

We also remind the tax rates and exemptions from corporation tax in Spain.

When does a company in Spain have an economic activity?

A Spanish company will have an economic activity when there is self-organisation of the means of production and human resources or one of both with the aim of producing or distributing goods or services.

In the case of rental of real estate, economic activity will also exist when are used the services of a person employed under a general and full-time employment contract.

What is a property company in Spain?

A company in Spain is considered to be property when it does not carry out an economic activity. And it is understood that there is no economic activity in Spain when more than half the assets on the balance sheet of the company are made up of securities or it does not have a person employed under a general and full-time employment contract.

Are you a participant in a property company in Spain? Do not hesitate to contact our office of economists, accountants and tax advisors in Marbella. We are responsible for the accounting and tax representation of your Spanish company regardless of where it is located.

Do you want to set up a company and carry out an economic activity in Spain? Feel free to contact one of our commercial lawyers in Marbella now. We will guide you through the entire process of incorporating your company in Spain and will be happy to provide accounting and tax representation services.

Corporate tax rate in Spain

From 2016 to date, thehttps://www.welex.es/contact/ corporate income tax rates in Spain are as follows:

Do not hesitate to contact one of our multilingual speaking accountants in Marbella and tax advisors in Spain!

Income Tax in Spain 2019. Income Tax Campaign 2020

Although this office of Tax Consultants in Marbella has already written a lot about this State Tax in Spain we would like to emphasise:

Income Tax filing deadlines

1 April 2020 is the start of the deadline for the online submission of Income and Wealth Tax returns for 2019.

If you would like our office to assist you with your presentation please contact our tax consultant’s office in Marbella now. We will be happy to help you with the preparation and presentation of your I.R.P.F. in Spain.

If the result of your personal income tax return in Spain is A RETURN, you can file it from April 2 to July 1, 2019.

If the result of your income is TO DEPOSIT, you can file it from April 2 to July 1, 2019 (until June 26, 2019 if you want to domicile the income).

Tax scales to be taken into account for the purposes of preparing the Personal Income Tax in Spain for the 2019 fiscal year.

 

Read more….

 

Criticisms of the so-called Tobin tax rate in Spain

The tax on financial transactions in Spain aims to tax the purchase and sale of shares in companies in Spain with a capital of more than 1 billion euros.

The implementation of this tax on financial transactions in Spain will mean an increase in financial costs and therefore reduce the profits of companies and individuals who buy and sell shares in the secondary market in Spain.

Read more…

Non Residents Wealth Tax in Spain

The Wealth Tax in Spain (also called capital, equity or fortune tax) is a Tax that is applied individually, not on annual income or transactions, but on the personal assets of each individual which include among others: bank deposits, real estate and pension plans, and the calculation is based on the total value of these assets of the taxpayer.  In the case of non residents the calculation will include all the assets held in Spain.

 

Read more…

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